Forex, the big disillusion

Feb 25, 2016
23
1
17
39
South Africa
Years ago, only an elite few with big equity or big financial institutions could trade.
So many traders also wanted a slice of the pie, that it was made so that anybody could trade. Brokers popped up all over and encouraged people to invest and become traders. To level the playing field, leverage was brought in.. A trader with 2k could now trade as if it was 200k.
There was so much new money. EA developers also popped up like mushrooms also wanting a slice of this 'new money' pie. Forex was heavily commercialized. EAs, training courses etc. Brokers started competing against each other, enticing newbies with all sorts of bonus offers. EA developers saw this as a great income opportunity and all they needed to do was come up with something that could just be profitable for a few months so they could achieve high sales. The return you could make from forex became so inflated with EA developers competing against each other.

A bright picture is painted for newcomers that they too can become armchair millionaires..It is so easy these adverts say.
It is marketed as such a lucrative business. BUT, keep in mind only 2% will succeed and trade profitably, the other 98% will fail and give up - I also added, 50% will become victim to scams.

The idea of becoming filthy rich by spending time behind our computer screen, has caused a lot of misery.

Beware, do a bit of research first. Don't become a victim.

Unfortunately forex has become a playground for many scammers.
 

Lawrence

Active Trader
Aug 20, 2015
169
7
34
Years ago, only an elite few with big equity or big financial institutions could trade.
So many traders also wanted a slice of the pie, that it was made so that anybody could trade. Brokers popped up all over and encouraged people to invest and become traders. To level the playing field, leverage was brought in.. A trader with 2k could now trade as if it was 200k.
There was so much new money. EA developers also popped up like mushrooms also wanting a slice of this 'new money' pie. Forex was heavily commercialized. EAs, training courses etc. Brokers started competing against each other, enticing newbies with all sorts of bonus offers. EA developers saw this as a great income opportunity and all they needed to do was come up with something that could just be profitable for a few months so they could achieve high sales. The return you could make from forex became so inflated with EA developers competing against each other.

A bright picture is painted for newcomers that they too can become armchair millionaires..It is so easy these adverts say.
It is marketed as such a lucrative business. BUT, keep in mind only 2% will succeed and trade profitably, the other 98% will fail and give up - I also added, 50% will become victim to scams.

The idea of becoming filthy rich by spending time behind our computer screen, has caused a lot of misery.

Beware, do a bit of research first. Don't become a victim.

Unfortunately forex has become a playground for many scammers.
Yes, i would say that is very much true and we should always do our trading with a regulated ECN Forex broker :)
 

radex78

Active Trader
Nov 15, 2015
671
17
34
42
To avoid scamm in forex as trader also need carefully to choose their broker and also investing their money wisely, don't borrow money to invest in forex, and spent money that afford to lose before imagine easy earning through forex trading